IRS reports that refund values are up compared to those sent in 2023

The IRS releases periodic updates throughout the year on the number of returns received, the amount of funds the agency has collected, the number of refunds made, and the average size of those refunds. The data for 1 March has been released, and it compares the current filing season with data captured on 3 March 2023.

Refund size grows

By this time last year, the IRS had submitted and processed nearly a million more returns.

The news about refunds is more positive. So far, those who have filed are seeing an average refund of $3,182, a 5.1 percent increase over the $3,028 check distributed in early March 2023. At $3,244, those receiving their refunds through direct deposit receive slightly larger refunds than checks sent through the mail.

For those who have yet to file and live in one of the following states, you can use the IRS’ new filing software, Direct File, for free to submit your return. The IRS is piloting the software this year and could make it available nationally next year.

Tracking your refund

Curious about when you will receive your tax refund? The IRS has said that those who file electronically and provide direct deposit information should receive their return within twenty-one days of filing (so long as there are no errors in the return). To track the status of your refund, you can use the “Where’s My Refund” tool.

When are taxes due?

Filers have until Monday, 15 April, to submit their federal tax return. Certain geographies where residents live in zones impacted by natural disasters can receive an automatic extension to their filing status. All filers who push back the filing deadline to 15 October can request a free extension. Those who request one should be aware that the extension relates to the return, not to any taxes owed to the IRS.